A comprehensive approach to stabilizing, restoring and rebuilding small businesses

I’ve been thinking a lot lately about how we can build better communities, while uplifting people along the way. Today’s segment will focus on just that, including, resiliency as it relates to our Black and Brown small businesses and communities across the nation. I really want to highlight and share strategies for how cities across the country, can focus their efforts on helping to shape the future of Black and Brown small businesses and communities, particularly those who have been severely impacted by the corona virus.

The health pandemic hit the Small business community the hardest causing thousands of small businesses to close permanently and partially. According to a study conducted by Mckinsy, the sectors most affected by the coronavirus and the least financially resilient include 1.7 million small businesses, that employs 20 million workers, and earn 12 percent of US business revenue.

The impacts of the corona virus have devastated Black-owned businesses including local economies in which these enterprises operate in. Research at the University of California, Santa Cruz, and a report by the National Bureau of Economic Research found that 41 percent of Black-owned businesses—some 440,000 enterprises—have been shuttered by COVID-19, compared to just 17 percent of white-owned businesses.

In my opinion, there are one too many political figures and talking pundits that have normalized the conversation of small business closures, without discussing a resiliency strategy to help stabilize and restore local businesses. This is unacceptable. Yes, financial relief has taken precedence in some cases however, a long-term strategy is very much needed, one that starts at the policy level, and includes a concerted, collaborative effort from local and federal agencies along with corporations.

On Episode 4 of The Shavaughn B Podcast, I break down strategies in response to how local and federal government’s can implement innovative resiliency strategies, with the help of the private sector. Listen here

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